The search for the actor to play Presley has not yet begun. The colonel was the artist's manager, who controlled every aspect of Presley's life.

Tom Hanks is in negotiations to star in an untitled Elvis Presley biopic being made by Baz Luhrmann for Warner Bros. The movie project is the latest from the filmmaker behind The Great Gatsby and Moulin Rouge!

An actor to portray Presley has not been cast, and insiders say a search has not yet begun. If a deal is made, Hanks will play Col. Tom Parker, the legendary manager who controlled every aspect of Elvis' life.

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Lurhmann is producing the feature with wife Catherine Martin. The two have been developing the project since the director wrapped up his last film, 2013's The Great Gatsby. Gail Berman is also a producer.

The movie is described as focusing on Presley's rise and zenith, with a major aspect being his relationship with Parker.

Parker was a scrappy Dutch-born hustler who never became a citizen and gained his rank of "colonel" as an honorary title. He was struggling as a music manager when he came across Presley in the mid-1950s and was blown away by the young man's talent (Presley wasn't even 18 at the time). Over the course of two years, he paid off all other agents and managers in the singer's life to chart himself as the exclusive rep. From there, he guided Presley to the national stage and helped make him into something America had never seen before.

Luhrmann wrote the script with Craig Pearce, with whom he also wrote The Great Gatsby and MoulinRouge!

A fall shoot is being eyed, giving Hanks plenty of time to prepare. The actor is working on Bios, a sci-fi drama from Steven Spielberg's Amblin Partners, and he is due to star in News of the World, an adaptation of the Paulette Jiles novel set up at Fox 2000 to be directed by Paul Greengrass, but whose production timing is unclear.

Hanks is repped by CAA.

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